According to a recent press release by the Government of China, they can soon implement a national blockchain. he Chinese Informatization and Software Services Division of the Ministry of Industry and IT studied the idea of a national blockchain. And it is planning the “formation of a complete Blockchain standard system as soon as possible.”
International Organization for Standardization
Many international standardization organizations began standardizing Blockchain such as the International Organization for Standardization (ISO). At present, international standardization organizations such as the International Organization for Standardization (ISO), the International Telecommunication Union (ITU), and the World Wide Web Consortium (W3C) have started standardization of blockchains. ISO has established a technical committee TC 307 that focuses on the blockchain field. And also it carries out standardization work such as basics, identity authentication, and smart contracts.
China Electronics Standardization Institute proposed the national blockchain and distributed billing technology standardization technology. That is in order to promote the formation of a complete blockchain standard system as soon as possible and do a good job in ISO/TC 307 technology. In the next step, they plan to actively promote related work and accelerate the establishment of the standardization committee. And also to better serve the development of the blockchain technology industry.
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Change of Winds in China
Earlier, the Chinese government has always been the opposer of cryptocurrency for a majority of the time period. Despite China being the leading market for crypto trading, the Chinese government was always a little sceptical about it. From open bashing to implementing laws to obstruct crypto trading, the Chinese Government did it all.
Read more: China bans Cryptocurrency ads on social media and web
However, recently it has been more and more positive about the blockchain and its dependent system. Reddit is flooded with posts comparing China’s decision with Venezuela’s own cryptocurrency.
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Positive or negative, this news is certainly going to affect the cryptomarket.